In October, the one-month correlation between Bitcoin and the S&P 500 fluctuated widely, reaching 57% in the middle of the month, then dropping rapidly to 6% before rebounding to 33%, as per data from skew. Looking forward, after the upcoming U.S. elections, Bitcoin may have a greater chance to move away from macro events and become more independent.
As per historic trends, November is usually a strong month for BTC, recording five gains and two losses with a median return of 10.97% since 2013.
Major altcoins significantly underperformed Bitcoin in October. However, coins that have historically had a high correlation with Bitcoin led this sector — Litecoin ( LTC) and Bitcoin Cash ( BCH) posted 17.63% and 12.79% monthly returns, respectively. Ether ( ETH), meanwhile, is coming off a crazy DeFi season but still gained 6% month-on-month, even though demand was significantly less. On the other hand, “older” cryptocurrencies, including EOS and XRP, were not favored by market participants, both yielding negative monthly returns with no signs of recovery in the short-term.
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